In the past two years, Goldman Sachs has been pivoting to more consumer-based banking as its traditional investment banking has slumped. Two, is Goldman trying to make a push into credit cards with this move? Paying for expensive goods, such as Apple's latest iPhone model which is worth at least $999, often carries high-interest rates.
Citing people familiar with the matter, WSJ says Goldman Sachs desires to team up with Apple as it seeks to grow its consumer lending business, and hopes to ultimately offer another financing option for shoppers looking to buy essentially anything from Apple's website. Through the upgrade program, a user now pays $49.91 a month for a 64 gigabyte iPhone X with AppleCare+ coverage included. There is Apple's iPhone Upgrade Programme and their numerous financing options, plus mobile phone operators set out their own pay-monthly schemes for customers.
The upgrade program is now run through Citizens Financial Group, a Rhode Island-based bank. Apparently, Goldman Sachs wants a part of that action, although whether it would be as a replacement for CFG or an additional option isn't clear.
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